Budget deficits in the United States and six OECD nations are adjusted for inflation so as to correspond to changes in real net debt. Adjusted high-employment or cyclically-corrected deficits are then found to be positively related, and more clearly and sharply than unadjusted deficits, to...

The main topics treated in this conference volume are problems of deflation and quality change, the adequacy of the data used to construct the U.S. national accounts, and the broad theoretical evolution of the U.S. national income and product accounts. As these topics suggest, this volume...